What a day what a day what a day Jan 26 2024 was. There was a lot of discussion and price action. But before we get to that. Let me start with the receipts. We have a lot to cover.
Dear Satoshi VM community. I warned you…
I don’t spend much time on brand name social media. I more enjoy the chats. Telegram, discord, the more underground stuff. I was in the SAVM chats and charting it just a bit after launch when it was at its highs.
I was gauging the community, tracking and charting the coin. Just overall watching the action. I had posted various charts explaining to the discord price chat that my thesis was that the price would go down. To me, it was written all over the charts in re occurring patterns.
There are a few screen shots, track with me here though.
This is where it all started. I was seeing a tentative H&S forming along with some div.
Of course, I get trolled when I try to warn them.
Again I get trolled when trying to warn them.
But apparently TA does not work?
I was seeing more bearishness in the chart when I commented this.
I was still seeing the bleeding of the chart. Now keep in mind, I was not really into this project nor did I read the WP or look too much into it. I was purely tracking the chart, the fact that it was up 200X and the attitude of the community. Who, of course was displaying the classic signs of being brainwashed.
Common sense and the chart was telling me that it was just money changing hands while the chart was being kept inflated at 150X to 250X. Sure there was some short term trades to be made. But most people don’t do this. They just buy in the hopes of holding until they are rich.
Denial is when you are in the chats showing charted data and it is deemed as FUD and you are attacked for trying to warn.
At this point I was fed up.
And this was the second time coming back with receipts to show I was right.
The end result. Show me the the chart and I will show you the future. Based purely off the chart I knew something was off. Every descending wedge was contradicted with a follow up rising wedge. There was constant topping patterns over and over, bearish DIV when the price would go up. The community was acting more like a group under hypnosis, blinded by the people they follow on social media. I had no clue it would be found out to be a scam, but the chart it self showed me that something will happen and it would go down. Imagine a beach ball with a crowd under it that keep hitting it up. The ball eventually gets to and empty area with no one to hit it up and plummets to the ground.
Just for the record. I made no trades on this.
There is a reason why I sound like a broken record. Every time I write, it’s “we need to get back to fundamentals”. Eventually people will finally clue in sooner or later, or this market will die. It is precisely for reasons like this. In the current day, the crypto market is rampant with “investors” that have no clue what they are even investing in. To make matters worse. Those investors that have no clue what any of the things they are investing in does or is are following these influencers who also not only don’t know but don’t care. Because for the influencers, it is not about looking for actual good projects with good tech and long term potential. It is about short term gain. The sole reason why influencers work on getting followers, is so they can screw them over by dumping on them.
There has been plenty of documentation on this and how it works so I don’t need to reiterate it in depth here. But the concept is simple and the same concept as what happened in the Satoshi VM debacle.
- Some people make a token.
- Team gives allocations to influencers.
- Influencers shill said coin to their followers on all social media.
- Followers all try to pile into a public sale.
- All the people who don’t get into the public sale buy up on the open market.
- Price gets pumped and inflated up with volume of retail trading and wash trading to keep the price swinging up high at 200X the IDO price.
- All the while, the influencers that hyped it up, the team, the facilitators of the sale and anyone else involved, cash out with a slow bleed over the span of weeks.
- Price crashes and all the retail “investors” are rekt.
NOT ONE of these influencers took the time to look at the abysmal GitHub of this project when it was released. Before it was released they said nothing about the fact that the code was not public. In fact, many of these influencers praised the tech. Which is not possible to do because at the time the code was not public.
And these are the so called “expert” influencers that people follow on X (Twitter), YouTube, Telegram, IG and so on?? This is proof of one of the many things that I have been saying for years in this space. Again, we need to get back to fundamentals.
Every one of these influencers, sits on their preferred platform and will claim that they are looking for good tech, innovative projects and blah blah blah. But they clearly are not. If they were, they would point at the many projects that are innovative, have good tech, solve problems, help people and have been battle tested.
But they don’t.
Because they didn’t get any free coins or private sale allocations.
They will actively ignore projects that are well known to be legitimate with a hard working team and an actual product and purposefully direct their followers to scams. This is downright evil and in the event that anyone disagrees with them on X, they simply block them.
This is not the vision of Satoshi.
We need to innovate
The thing that most people don’t seem to get, is that crypto could be a last chance for humanity to avoid a global great depression. This may sound like hyperbole but I am as serious as a heart attack. The global financial system is in shambles, hanging by a thread. We can see the signs of it everywhere and we need to invent our way out of it.
Furthermore, pretty much every western government in the world is developing CBDC’s which equates quite literally to enslavement, decentralized crypto is a defence mechanism against this and it needs to be developed.
We need to get back to fundamentals, this way, the good will rise to the top. We can solve problems and fix what needs to be fixed. This starts with every investor learning to the best of their ability what it is that they are investing in. It also starts with unfollowing these fraud influencers and ignoring their fake hype. It involves doing actual research and following through to understand what you are looking at. It involves looking for quality projects and quality people who know what they are talking about.
SatoshiVM The Truth Behind The FUD – Live Stream
I assume that most people herd the live stream by now. If not I suggest you take a listen:
Edan Yago did a great job of unmasking the scam and fraud project that SAVM is. Give him a follow. With one question he exposed the developer of SAVM to not even know what he was talking about.
The SAVM dev could not answer a simple question on the tech that he claims to be developing.
During this live stream, I believe it was kyle Chasse that brought up some issues with IDO’s. I have discussed these issues years ago, this was one of the 1st posts I made on this site, thats how long ago it was. Please take a read here: https://blockadvisor.io/2019/04/22/the-problem-with-ieos/
Please give my post from back in 2019 on IEO’s a read.
I plan on hopefully, opening dialogue with some launchpads (and people who I know that are planning on developing new ones) to discuss how these platforms can be improved in the name of fairness, quality control and opening up good investment opportunities to the masses in the name of real innovation and promotion of actually good projects. We need to self regulate and clean up these launch pads.
Still Staying Sovryn
I have been promoting Sovryn for years now. I stand by my investment which I have not touched, I have only added more to. Why? Because at every step of the way I have witnessed the team working and building. Even through the rough bear market when every coin was down in price. The Sovryn team, stayed on top of it’s budget. Kept building up its platform, kept improving it’s platform, Kept planning for the future and showed with proof that it was working to build and keep building.
This is fundamental to long term investing.
It’s that simple and the proof is now out in the open and right in front of your face.
Who and what do you invest in? Scam projects that have no code, shit code, copied code, gave allocations to influencers so they can shill it to you so they can dump on your head and built on nothing at all?
Or good, grass roots projects that have good ideas, quality products and/or services, people involved in the project that actually know what they are talking about, know what they are doing and a solid community that invested their own hard earned money because they actually read the white paper and seen something that they believe in?
For all of those that may have been effected by the shilling of scammer influencers, all of those that may have lost money in the SatoshiVM debacle, people sitting on the side lines watching the saga, people who are new to the market, crypto OG’s and all others:
I suggest you join the Sovryn side. We welcome you all with open arms in developing a future of sovryn freedom to spend, transact, invest and be your own bank with the financial operating system and the coming BitcoinOS.
Also feel free to follow me on X (twitter) too to see when I post on my site. I discuss Sovryn a good bit and I discuss other projects as well, I hunt for actual good new projects but value quality over quantity. I discuss politics and many other things from a crypto centric point of view.
This post was written by BlockAdvisor